Section 9: The Financial Information Unit

1) The Financial Information Unit shall be established as a department in Rastra Bank with functional independence and autonomy to receive suspicious transaction reports and other information related to money laundering, terrorist financing, and predicate offences, analyse suspicious transactions and other information, and disseminate the results of such analysis to the Department.

2) The Governor shall, in consultation with the Coordinating Committee, appoint as the head of the Financial Information Unit an officer having the qualifications and experience as prescribed from among at least the first-class officers working in the Rastra Bank and the head of the Financial Information Unit shall be accountable to the Coordinating Committee.

3) The Financial Information Unit’s office will remain in the Kathmandu Valley, and with the government of Nepal’s approval, it can open a branch office as needed.

4) The financial information will be according to the seal of the unit and the organisational structure approved by the Government of Nepal.

5) The Financial Information Unit shall consist of employees of regulatory bodies, investigative bodies and other relevant government bodies, as required, and the conditions of service of such employees shall be in accordance with the law.

6) The remuneration and benefits of the employee employed in the financial information unit shall be in accordance with the law relating to such employee’s conditions of service.

7) The head of the unit may send Financial information regarding the quality of performance of the employee employed in the unit in writing to the concerned authority, and the authority concerned shall also assess the performance of such employee on the basis of that information.

8) The National Bank will provide financial information for the budget, resources and resources required by the unit.

9) The financial information will be based on the qualifications and experience of the personnel recruited in the unit, staff management, accountability, incentives, and other arrangements.

10) Financial information will be as determined by the Board of Directors in other arrangements related to the operation of the unit.